No tax hikes anticipated in Summit Hill for 2013
No tax increases are anticipated in Summit Hill borough for 2013.
The borough has held a budget workshop and determined that no tax hikes are needed for the new year.
The council is anticipated giving tentative adoption to the budget at a special meeting of the council on Nov. 26 at 6:30 p.m.
Jesse Walck, a member of the council, said the new budget will be balanced at about $1,427,240, according to figures submitted at the workshop. This is about $125,000 more than the 2012 budget.
One reason that a tax hike won't be needed is because the council has agreed to refinance some bonds from 2008. The bonds, valued at $2 million, could net as much as $65,000 in savings to the borough. These savings will be diverted into next years budget, according to the borough's financial consultants.
The council formally adopted a resolution to refinance the bonds, stipulating that the refinancing will only occur if there is a savings of at least $60,000 to the borough.
Under the budget proposal, real estate taxes would be the leading source of revenue netting $702,240. This is anticipated to be more than $105,000 higher than the 2012 budget.
The borough has seen a decline in health insurance costs in the past two years. In 2011, health insurance cost $105,555.30. Last year it was $78,000, thanks to the borough changing insurance carriers. This year, the rate is expected to increase slightly to $87,350.